New Delhi, March 24 -- Prime Minister Narendra Modi on Tuesday announced that the Centre has established seven empowered groups to work for a "swift and far-reaching strategy" for fuel and gas supply amid the West Asia conflict.

Addressing the Upper House of the Parliament, PM Modi said that the government has also formed an interministerial group to assess the challenges.

Acknowledging the global crisis amid the tensions in West Asia, PM Modi noted that the fundamentals of the Indian economy are strong and the government is ensuring "minimum impact."

He said, "The current crisis has shaken the entire global economy. The world will take a lot of time to recover from the loss in West Asia. To ensure that there is minimal impact on India...